Wells Fargo Believes Apple (NASDAQ: AAPL) Still Has Room to Grow

By Jason Carr

Wells Fargo analyst Aaron Rakers maintained a Buy rating on Apple (AAPLResearch Report) yesterday. The company’s shares closed last Thursday at $384.76, close to its 52-week high of $399.82.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 21.1% and a 69.8% success rate. Rakers covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Cisco Systems, and Seagate Tech.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Apple with a $378.55 average price target, which is a 0.5% upside from current levels. In a report issued on July 15, Needham also assigned a Buy rating to the stock with a $450.00 price target.

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Based on Apple’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $58.31 billion and net profit of $11.25 billion. In comparison, last year the company earned revenue of $58.02 billion and had a net profit of $11.56 billion.

Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AAPL in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Apple, Inc. engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other variety of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America. The Europe segment consists of European countries, as well as India, the Middle East, and Africa. The Greater China segment comprises of China, Hong Kong, and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries. Its products and services include iPhone, Mac, iPad, AirPods, Apple TV, Apple Watch, Beats products, Apple Care, iCloud, digital content stores, streaming, and licensing services. The company was founded by Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA.